iShares Long-Term National Muni Bond ETF (LMUB)

iShares Long-Term National Muni Bond ETF is a passively managed fixed income fund from BlackRock's iShares family. It seeks to track an index of investment-grade, tax-exempt municipal bonds issued by U.S. states, cities and other local government entities, with a focus on securities that have long remaining maturities.

The fund draws from issuers across the country rather than a single state, giving it national diversification across general obligation and revenue bonds. Interest from municipal bonds is generally exempt from federal income tax, although some income may be subject to the alternative minimum tax or state and local taxes.

Because the portfolio emphasizes long maturities, its price is more sensitive to changes in interest rates than a short- or intermediate-term municipal fund, while typically offering higher yields in exchange for that duration.